Property sellers are often compelled to list their house for a number of reasons – financial troubles, relocation to a new city, downsizing or upgrading their home and convenience, to name the key ones.
Generally, those who flip homes for high return on investment understand the way real estate market works. For those who bought their first home with nesting money, market dynamics are a big hubbub. They never intend to sell unless one of the reasons mentioned above is staring them in the face.
Here are the most common mistakes new sellers make. Find out how to avoid them.
1. Flying Solo
Unless the seller is a real estate professional, undertaking the task of selling home all by oneself is going to cost time, effort and money. Even the best of the markets like Dubai show some level of complexity requiring the attention of an experienced hand to complete a sale process. If any one of these factors - property documentation, home inspection and legal work are overlooked, it can prove to be costly for the seller.
Tip: To avoid pitfalls in selling your home, hire a RERA authorized agent.
2. Shooting for the stars
Every seller aspires to maximize their profits by comparing their property to the most expensive home in their category. People don’t always buy a home in desperation and most buyers are interested in getting a value deal. So when there is a mismatch in buyer-seller expectations it is likely that the property will go stale on the shelf.
Tip: Conduct adequate market study and understand the price range of fast-moving homes.
3. Stubborn as a mule
Properties in the secondary housing market are generally not sold at a fixed price. When buyers are investing so much of their hard earned money they are likely to ask for a discount. Homeowners refusing to budge on the price are likely to be ignored in a buyers’ market.
Tip: Find common ground to agree on a price such as free furniture and appliances instead of a discount.
4. Airing dirty laundry
Most home sellers do not understand that staging is a big part of selling a house in addition to keeping the house clean. Especially a luxury house like villa on the waterfront cannot be deglamorized with dirty pans, soiled clothing or hairy washrooms since the notion of such a home is what dreams are made of.
Tip: Start with cleaning every nook and corner of your home to make it easy on the buyers’ eyes.
5. Being scarce is big help
When agents bring potential buyers into your home, it’s best to be away at work or hang out at a local store or café with all members of your family.
Tip: If staying home is unavoidable, dress up and stay quiet when the showing is in progress.
6. Turning a deaf ear
Most homeowners take the agents’ advice with a grain of salt. Many a time it is likely that a seller becomes one-sided in approach and only tells the agent what to do. Huge mistake. Professional agents know what appeals to home buyers as they witness their behaviors on a daily basis vis-a-vis a first time seller. A seller keeping an open mind to the advice of the agent will benefit from their experience.
Tip: Improvise your home overall as advised by the agent during the showing period.
7. Not quite ready for the next phase
Homes that sell too soon or too late is going to throw you off your guard either way. Brokers cannot guarantee how long it will take for them to find a buyer for your property. Hence it is best if you have a place to move all your belongings when the time comes for the buyer to take over the property.
Tip: As soon as you find a buyer for your golf course townhouse be sure your next steps are glitch-free.